Problem: The manager at Gabriela's Furniture Store is trying to figure out how much to charge for a book shelf that just arrived. The book shelf was bought at a wholesale price of $\$147.00$, and Gabriela's Furniture Store marks up all furniture by $60\%$. At what price should the manager sell the book shelf? $\$\ $
In order to find the retail price, we must first find the amount of markup. Remember that a markup rate is a percentage of the wholesale price that a store adds to get a selling or retail price. With this knowledge, we can figure out the following equation: markup rate $\times$ wholesale price $=$ amount of markup Since the markup rate is a percentage, we have to convert it into a decimal first. Percent means "out of one hundred," so $60\%$ is equivalent to $\dfrac{60}{100}$ which is also equal to $60 \div 100$. $60 \div 100 = 0.60$ Now you have all the information you need to find the amount of markup! $0.60$ $\times$ $\$147.00$ $=$ $\$88.20$ Since the markup rate is a percentage of the wholesale price that is added to get the retail price, we can find the retail price with the following equation: amount of markup $+$ wholesale price $=$ retail price $\$88.20$ $+$ $\$147.00$ $=$ $\$235.20$ The retail price of the book shelf should be $\$235.20$.